S UPPLEMENTAL I NFORMATION – M ARCH 31, 2005

PAGE NO. TABLE OF CONTENTS 3 Corporate Profile 4 Contact Information 5 Important Notes 6 Corporate Structure Chart 7 Condensed Consolidated and Combined Balance Sheets 8 Consolidated and Combined Statements of Operations For the Three Months Ended March 31 9 Funds From Operations and Other Financial Information For the Three Months Ended March 31 10 Market Capitalization 11 Net Operating Income 12 Summary of Outstanding Debt 13 Schedule of Outstanding Debt 16 Joint Venture Summary 17 Condensed Combined Balance Sheets of Unconsolidated Properties 18 Condensed Combined Statements of Operations of Unconsolidated Properties For the Three Months Ended March 31 19 Top 10 Retail Tenants by Gross Leaseable Area 20 Top 20 Tenants by Annualized Base Rent 21 Lease Expiration Table – Combined Retail and Commercial Portfolio 22 Lease Expiration Table – Retail Anchor Tenants 23 Lease Expiration Table – Retail Shops 24 Lease Expiration Table – Commercial Tenants 25 Summary Retail Portfolio Statistics 26 Summary Commercial Portfolio Statistics 27 Development Pipeline 28 Geographic Diversification – Operating Portfolio 29 Operating Retail Properties 31 Operating Commercial Properties 32 Retail Operating Portfolio – Tenant Breakdown 33 2005 Acquisitions of Operating Properties

p. 2 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05

C ORPORATE P ROFILE

General Description

Kite Realty Group Trust commenced operations in August 2004 as the successor to certain businesses of Kite Property Group, a nationally recognized real estate owner and developer. We are a full service, vertically integrated real estate company focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community shopping centers in selected growth markets in the United States. As of March 31, 2005, we owned interests in 39 operating properties totaling approximately 5.5 million square feet and interests in 10 properties under development representing 1.7 million square feet. We are organized as a real estate investment trust ("REIT") for federal income tax purposes.

Our strategy is to maximize the cash flow of our operating properties, successfully complete the construction and lease-up of our development portfolio and identify additional growth opportunities in the form of new developments and acquisitions. New investments are focused in the shopping center sector, although we may selectively pursue commercial development or acquisition opportunities in markets where we currently operate and where we believe we can leverage the existing infrastructure and relationships to generate attractive risk adjusted returns.

Company Highlights (as of March 31, 2005)

 Operating Retail Properties 33  Operating Commercial Properties 6  Total Properties Under Development 10  States 9  Total GLA/NRA (operating) 5,469,090  Owned GLA/NRA (operating) 4,274,360  Percentage of Owned GLA Leased - Retail 93.8%  Percentage of Owned NRA Leased – Commercial 97.7%  Total Employees 77

Stock Listing New York Stock Exchange symbol: KRG

p. 3 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05

C ONTACT I NFORMATION

Corporate Office

30 South Meridian Street, Suite 1100 Indianapolis, IN 46204 1-888-577-5600 317-577-5600 www.kiterealty.com

Investor Relations Contacts: Analyst Coverage:

Daniel R. Sink, Chief Financial Officer Goldman, Sachs & Co. Kite Realty Group Trust Mr. Carey Callaghan 30 South Meridian Street, Suite 1100 (212) 902-4351 Indianapolis, IN 46204 [email protected] (317) 577-5609 [email protected] KeyBanc Capital Markets Mr. Richard C. Moore II, CFA The Ruth Group (216) 443-2815 Stephanie Carrington [email protected] (646) 536-7017 Jason Rando Lehman Brothers (646) 536-7025 Mr. David Harris (212) 526-1790 Transfer Agent: [email protected]

LaSalle Bank, National Association Raymond James 135 South LaSalle Street Mr. Paul Puryear Chicago, IL 60603-3499 (727) 567-2253 (312) 904-2000 [email protected]

Stock Specialist: Wachovia Securities Mr. Jeffrey J. Donnelly, CFA Van der Moolen Specialists USA, LLC (617) 603-4262 45 Broadway [email protected] 32nd Floor New York, NY 10006 (646) 576-2707

p. 4 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 I MPORTANT N OTES

Interim Information

This Quarterly Financial Supplement contains historical information of Kite Realty Group Trust (the “Company”) and Kite Property Group (the “Predecessor”) and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2005, which should be read in conjunction with this package. The supplemental information is unaudited, although it reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of operating results for the interim periods.

Forward-Looking Statements

This supplemental information package contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, performance, transactions or achievements, financial or otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to:

• national and local economic, business, real estate and other market conditions; • the ability of tenants to pay rent; • the competitive environment in which the Company operates; • financing risks; • property management risks; • the level and volatility of interest rates; • financial stability of tenants; • the Company’s ability to maintain its status as a REIT for federal income tax purposes; • acquisition, disposition, development and joint venture risks; • potential environmental and other liabilities; • other factors affecting the real estate industry generally; and • other risks identified in reports the Company files with the Securities and Exchange Commission (the “SEC”) or in other documents that it publicly disseminates.

The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Funds From Operations

Funds from Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance. We calculate FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (NAREIT), which we refer to as the White Paper. The White Paper defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

Given the nature of our business as a real estate owner and operator, we believe that FFO is helpful to investors in measuring our operational performance because it excludes various items included in net income that do not relate to or are not indicative of our operating performance such as gains (or losses) from sales of property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult. FFO should not be considered as an alternative to net income (determined in accordance with generally accepted accounting principles (“GAAP”)) as an indicator of our financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, and is not indicative of funds available to fund our cash needs, including our ability to make distributions. Our computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

Net Operating Income Net operating income (“NOI”) is provided here as a supplemental measure of operating performance. NOI is defined as property revenues less property operating expenses, excluding depreciation and amortization, interest expense and other items. We believe that this presentation of NOI is helpful to investors as a measure of its operational performance because it is widely used in the real estate industry to measure the performance of real estate assets without regard to various items included in net imcome that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods and book value of assets. We also believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of our basis in our assets from our operating results. NOI should not, however, be considered as an alternative to net income (calculated in accordance with GAAP) as an indicator of our financial performance.

Basis for Presentation

Kite Realty Group Trust commenced operations on August 16, 2004 upon completion of its initial public offering. Prior to that date, the entities that owned the properties and service companies that we acquired as part of our formation transactions were under the common control of Al Kite, John Kite and Paul Kite (the “Principals”). Certain line items in the accompanying financial information in the period beginning August 16, 2004 may not be comparable to prior periods due to acquisitions, including the purchase of minority partner and joint venture interests of the properties previously accounted for under the equity method.

p. 5 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 C ORPORATE S TRUCTURE C HART

Kite Realty Group Trust (the “Company”) Operating Partnership “General Partner” Unit Holders 69.3% 30.7% “Limited Partners”

Kite Realty Group, L.P. 100% (the “Operating Partnership”) KRG Management, LLC 100%

100% KRG Construction, LLC

Property Entities KRG Development, LLC (d/b/a Kite Development) 100%

Kite Realty Holdings, LLC (Taxable REIT Subsidiary)

Kite Realty Advisors, LLC Kite Realty Construction, LLC Kite Realty Development, LLC (d/b/a KMI Realty Advisors)

p. 6 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 C ONDENSED C ONSOLIDATED AND C OMBINED B ALANCE S HEETS

March 31, 2005 December 31, 2004 Assets: (Unaudited) Investment properties, at cost: Land $ 122,420,039 $ 115,806,345 Land held for development 14,378,851 10,454,246 Buildings and improvements 397,951,043 365,043,023 Furniture, equipment and other 5,618,115 5,587,052 Construction in progress 65,558,365 52,485,321 605,926,413 549,375,987 Less: accumulated depreciation (28,667,384) (24,133,716) 577,259,029 525,242,271

Cash and cash equivalents 9,077,218 10,103,176 Tenant receivables, including accrued straight-line rent 8,340,657 5,763,831 Other receivables 5,871,351 7,635,276 Investments in unconsolidated entities, at equity 1,339,202 155,495 Escrow deposits 4,177,290 4,497,337 Deferred costs, net 16,474,800 15,264,271 Prepaid and other assets 1,058,476 1,093,176

Total Assets $ 623,598,023 $ 569,754,833

Liabilities and Shareholders’ Equity: Mortgage and other indebtedness $ 341,684,813 $ 283,479,363 Cash distributions and losses in excess of net investment in unconsolidated entities, at equity - 837,083 Accounts payable and accrued expenses 22,362,032 23,919,949 Deferred revenue 29,534,863 34,836,430 Minority interest 75,319 59,735

Total liabilities 393,657,027 343,132,560

Commitments and Contingencies

Limited Partners' interests in operating partnership 70,668,088 68,423,213

Shareholders’ Equity Common stock, $.01 par value, 200,000,000 shares authorized, 19,148,267 shares issued and outstanding 191,483 191,483 Additional paid in capital and other 171,583,636 166,861,507 Unearned compensation (921,109) (806,879) Other comprehensive loss (165,423) - Accumulated deficit (11,415,679) (8,047,051) Total shareholders' equity 159,272,908 158,199,060

Total Liabilities and Shareholders' Equity $ 623,598,023 $ 569,754,833

p. 7 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 C ONSOLIDATED AND C OMBINED S TATEMENTS OF O PERATIONS – 3 M ONTHS

The Company The Predecessor For the Three Months Ended March 31, 2005 2004 (Unaudited) Revenue: Minimum rent $ 12,982,991 $ 3,269,728 Tenant reimbursements 2,640,985 378,780 Other property related revenue 948,500 815,431 Construction and service fee revenue 3,088,976 2,234,421 Other income 12,564 108,563 Total revenue 19,674,016 6,806,923 Expenses: Property operating 2,834,001 1,074,553 Real estate taxes 1,527,758 380,699 Cost of construction and services 2,908,384 1,608,665 General, administrative, and other 1,165,774 1,138,523 Depreciation and amortization 4,948,683 910,627 Total expenses 13,384,600 5,113,067

Operating income 6,289,416 1,693,856

Interest expense 3,724,442 1,329,982 Minority interest income (41,019) (15,988) Equity in earnings (loss) of unconsolidated entities 75,795 (16,810) Limited partners' interests in operating partnership (785,090) -

Net income $ 1,814,660 $ 331,076

Basic and diluted income per share $ 0.09

Weighted average common shares outstanding - basic 19,148,267

- diluted 19,231,484

p. 8 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 F UNDS FROM O PERATIONS AND O THER F INANCIAL I NFORMATION – 3 M ONTHS

The Company The Predecessor Three Months Ended March 31, 2005 2004 Funds From Operations:

Net income $1,814,660 $ 331,076 Add: Limited Partners' interests 785,090 - Add: depreciation and amortization of consolidated entities 4,928,387 909,742 Add: depreciation and amortization of unconsolidated entities 68,212 318,084 Deduct minority interest (14,684) - Add: joint venture partners' interests in net loss of unconsolidated entities - 182,118 Add: joint venture partners' interests in depreciation and amortization of unconsolidated entities1 - 395,205 Funds From Operations of the Portfolio 7,581,665 2,136,225

Less: minority interest share of depreciation and amortization - (252,073) Less: joint venture partners' interests in net loss of unconsolidated entities - (182,118) Less: joint venture partners' interests in depreciation and amortization of unconsolidated entities - (385,205) Less: Limited Partners' interests (2,289,562) - Funds From Operations allocable to the Company $5,292,103 $1,306,829

Funds From Operations of the Portfolio - basic $0.28 - diluted $0.28

Other Financial Information:

Recurring Capital Expenditures2 Tenant improvements $0 Leasing commissions 36,677 Capital improvements 7,085 Scheduled debt principal payments 618,759 Straight line rent 339,222 Market rent amortization income from acquired leases 938,029 Market debt adjustment 359,386

1 2004 amounts represent the minority and joint venture partners' interests acquired in connection with the Company’s initial public offering and related formation transactions. 2 Excludes tenant improvements and leasing commissions relating to development projects and first generation space.

p. 9 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 M ARKET C APITALIZATION

As of March 31, 2005: Total Percent of Percent of Market Total Market Total Equity Capitalization Capitalization Equity Capitalization: Total Common Shares Outstanding 69.3% 19,148,267

Operating Partnership ("OP") Units 30.7% 8,495,931

Combined Common Shares and OP Units 100.0% 27,644,198

Market Price at March 31, 2005 $ 14.40

Total Equity Capitalization $ 398,076,451 53%

Debt Capitalization:

Company Outstanding Debt $ 341,684,813 Pro-rata Share of Joint Venture Debt 8,694,825

Total Debt Capitalization 350,379,638 47%

Total Market Capitalization $ 748,456,089 100%

Weighted Average Outstanding Common Shares and OP Units:

Common Shares OP Units Total

Outstanding Common Shares and OP Units (Basic) 19,148,267 8,495,931 27,644,198

Effect of assumed exercise of stock options 83,217 - 83,217

Outstanding Common Shares and OP Units (Diluted) 19,231,484 8,495,931 27,727,415

p. 10 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 N ET O PERATING I NCOME

THREE MONTHS ENDED TWELVE MONTHS ENDED

The Company The Company The Predecessor

March 31, 2005 December 31, 2004 September 30, 20041 June 30, 2004 December 31, 20042

Revenue:

Minimum rent $ 12,982,991 $ 11,152,243 $ 7,282,422 $ 4,901,039 $ 26,605,432

Tenant reimbursements 2,640,985 1,871,803 1,300,525 748,700 4,299,806

Other property related revenue 948,500 2,014,392 233,651 317,502 3,460,759

Other income, net 12,564 13,526 52,929 73,625 141,265

16,585,040 15,051,964 8,869,527 6,040,866 34,507,262

Expenses:

Property operating 2,834,001 2,596,286 2,220,984 1,861,677 7,865,942

Real estate taxes 1,527,758 1,230,030 972,896 847,790 3,431,415

4,361,759 3,826,316 3,193,880 2,709,467 11,297,357

Net Operating Income – (Properties) 12,223,281 11,225,648 5,675,647 3,331,399 23,209,905

Other Income (Expense)

Construction and service fee revenue 3,088,976 7,471,746 3,073,897 1,811,005 14,591,069

Cost of construction and services (2,908,384) (6,938,833) (2,879,544) (1,240,376) (13,192,159)

General, administrative, and other (1,165,774) (1,200,641) (997,358) (587,262) (3,257,691)

Depreciation and amortization (4,948,683) (6,176,751) (2,816,696) (1,543,583) (11,448,969)

(5,933,865) (6,844,479) (3,619,701) (1,560,216) (13,307,750)

Earnings Before Interest and Taxes 6,289,416 4,381,169 2,055,946 1,771,183 9,902,155

Interest expense 3,724,442 3,186,662 2,633,621 2,139,098 9,289,364

Loan prepayment penalties and expenses - - 1,671,449 - 1,671,449

Minority interest (income) loss (41,019) (102,150) 263,280 (56,055) 89,087

Equity in earnings of unconsolidated entities 75,795 81,183 191,020 42,508 297,901

Limited partners’ interests in operating partnership (785,090) (352,065) 499,033 - 146,968

Net income (loss) $ 1,814,660 $ 821,475 $ (1,295,791) $ (381,462) $ (524,702)

1 Includes information for the Predecessor for the period from July 1, 2004 through August 15, 2004 and for the Company for the period from August 16, 2004 through September 30, 2004. 2 Includes information for the Predecessor for the period January 1 through August 15, 2004 and for the Company for the period from August 16, 2004 through December 31, 2004.

p. 11 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 1 S UMMARY OF O UTSTANDING D EBT TOTAL DEBT OUTSTANDING AS OF March 31, 2005 Weighted Average Maturity (in Outstanding Amount Ratio Weighted Average Interest Rate years) Fixed Rate Debt: Consolidated $166,087 48% 6.64% 6.6 Unconsolidated 8,695 3% 6.61% 7.2 Floating Rate Debt (Hedged) 2 50,000 14% 5.63% 2.0 Total Fixed Rate Debt 224,782 65% 6.41% 5.6 Variable Rate Debt:3 Construction Loans 79,205 23% 4.91% 1.4 Other Variable 92,614 27% 4.36% 2.4 Floating Rate Debt (Hedged) 2 (50,000) -14% -4.33% -2.0 Total Variable Rate Debt 121,819 35% 4.73% 1.9 Net Premiums 3,779 N/A N/A N/A Total $350,380 100% 5.82% 4.3 SCHEDULE OF MATURITIES BY YEAR AS OF March 31, 2005 Mortgage Debt Total Total Consolidated KRG Share Of Consolidated Secured Line of Construction Outstanding Unconsolidated and Annual Maturity Term Maturities Credit Loans Debt Mortgage Debt Unconsolidated Debt 2005 $1,992 $2,600 $0 $12,690 $17,282 $125 $17,407 2006 2,473 20,518 0 54,987 77,978 191 78,169 2007 2,709 0 84,150 0 86,859 204 87,063 2008 2,660 8,277 0 11,528 22,465 218 22,683 2009 2,527 27,452 0 0 29,979 2,223 32,202 2010 2,263 0 0 0 2,263 97 2,360 2011 2,041 19,655 0 0 21,696 104 21,800 2012 1,445 35,356 0 0 36,801 110 36,911 2013 1,309 4,027 0 0 5,336 5,423 10,759 2014 901 27,566 0 0 28,467 0 28,467 2015 800 0 0 0 800 0 800 2016 and beyond 3,548 4,432 0 0 7,980 0 7,980 Net Premiums 0 0 0 0 3,779 0 3,779 Total $24,668 $149,883 $84,150 $79,205 $341,685 $8,695 $350,380

1Dollars in thousands. 2These debt obligations are hedged by interest rate swap agreements. 3 Variable Rate Debt % net of swap transactions: - Construction 18% - Other Variable 17% 35%

p. 12 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 1 S CHEDULE OF O UTSTANDING D EBT

CONSOLIDATED DEBT AS OF MARCH 31, 2005 Monthly Debt Balance as of Service as of Fixed Rate Debt: Lender/Servicer Interest Rate Maturity Date 03/31/05 03/31/05 50th & 12th Wachovia Bank 5.67% 11/11/14 $4,680 $27 176th & Meridian Wachovia Bank 5.67% 11/11/14 4,252 25 Boulevard Crossing Wachovia Bank 5.11% 12/11/09 12,615 69 Centre at Panola, Phase I JP Morgan Chase 6.78% 1/1/22 4,428 37 Corner Shops, The Sun Life Assurance Co. 7.65% 7/1/11 1,912 17 Fox Lake Crossing Wachovia Bank 5.16% 7/1/12 12,248 69 Indiana State Motor Pool Old National 5.38% 3/24/08 4,048 0 International Speedway Square Lehman Brothers Bank 7.17% 3/11/11 19,846 139 Plaza at Cedar Hill GECC 7.38% 2/1/12 27,186 194 Preston Commons Wachovia Bank 5.90% 3/11/13 4,637 28 Ridge Plaza Wachovia Bank 5.15% 10/11/09 16,902 93 Sunland Towne Centre Nomura Asset Capital 8.85% 1/11/06 17,646 155 Thirty South CS First Boston 6.09% 1/11/14 23,167 142 Traders Point Huntington Real Estate 12% (2% 9/30/06 2,625 104 Investment Company deferred) Whitehall Pike Banc One Capital Funding 6.71% 7/5/18 9,895 77 Subtotal $166,087 $1,176 Floating Rate Debt (Hedged): Collateral Pool Properties2 KeyBank 5.65% 8/1/07 35,000 165 Cool Creek Commons3 LaSalle Bank 5.59% 5/1/06 15,00035,000 72 Subtotal $50,000 $237 TOTAL CONSOLIDATED FIXED RATE DEBT $216,087 $1,413

TOTAL NET PREMIUMS (FAS 141) $3,779 Variable Rate Debt: Lender Interest Rate Maturity Date Balance as of Mortgages 03/31/05

Eagle Creek Phase II (Pad 1) Wachovia Bank LIBOR + 250 4/21/055 850 Fishers Station4 National City Bank LIBOR + 275 9/1/08 5,389 Traders Point III Huntington Bank PRIME 10/6/06 475 Traders Point II Whitaker Bank PRIME + 100 6/4/05 1,750 Subtotal $8,464

1 Dollars in thousands. 2 The Company entered into a $35 million fixed rate swap agreement which is designated as a hedge against the line of credit. 3 The Company entered into a $15 million fixed rate swap agreement which is designated as a hedge against the Cool Creek construction loan. 4 The Company has a 25% interest in this property. 5 Subsequent to March 31, 2005, the maturity date of this loan has been extended to October 21,2005.

p. 13 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 1 S CHEDULE OF O UTSTANDING D EBT ( CONTINUED )

Variable Rate Debt: Servicer Interest Rate Maturity Date Total Balance as of Construction Loans Commitment 03/31/05 82nd & Otty KeyBank PRIME 9/12/05 $1,792 $1,743 Circuit City Plaza Wachovia Bank LIBOR + 185 6/30/05 6,900 6,732 Cool Creek Commons2 LaSalle Bank LIBOR + 175 4/30/06 17,025 15,067 Estero Town Commons Wachovia Bank LIBOR + 165 4/1/08 20,460 7,219 Geist Pavilion The National Bank of LIBOR + 165 4/1/06 10,057 2,059 Indianapolis and Busey Bank Red Bank Commons Huntington Bank LIBOR + 165 4/1/06 4,960 3,508 Tarpon Springs Plaza Wachovia Bank LIBOR + 175 4/1/08 20,000 4,309 Traders Point Huntington Bank LIBOR + 235 10/5/06 40,000 34,353 Weston Park Old National LIBOR + 215 7/9/05 4,930 4,215 Subtotal $126,124 $79,205

Line of Credit Lender Interest Rate Maturity Date Total Available Balance as of as of 03/31/05 03/31/05 Collateral Pool Properties: 3,4,5 Wachovia Bank LIBOR + 135 8/31/07 $107,670 $84,150

Floating Rate Debt (Hedged) Collateral Pool Properties4 KeyBank LIBOR + 135 8/31/07 (35,000) Cool Creek Commons2 LaSalle Bank LIBOR + 175 4/30/06 (15,000) Subtotal ($50,000) Total Consolidated Variable Rate Debt $121,819 TOTAL CONSOLIDATED DEBT PER FINANCIAL STATEMENT $341,685

1 Dollars in thousands. 2 The Company entered into a $15 million fixed rate swap agreement which is designated as a hedge against the Cool Creek construction loan. 3 There are currently fifteen properties encumbered under the line of credit. The following properties are currently unencumbered and available to expand borrowings under the line: 50 S. Morton, Centre at Panola Phase II, Eagle Creek Phase II, Four Corner Square, Frisco Bridges, Greyhound Commons, Kite Spring Mill II, Martinsville Shops, Wal-Mart Plaza. 4 The Company entered into a $35 million fixed rate swap agreement which is designated as a hedge against the line of credit. 5 The total amount available for borrowing under the line is $107,670, of which $84,150 was outstanding at March 31,2005.

p. 14 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 1 S CHEDULE OF O UTSTANDING D EBT ( CONTINUED )

2 UNCONSOLIDATED DEBT Lender Interest Rate Maturity Date Balance as of Monthly Debt 03/31/05 Service as of 03/31/05 Fixed Rate The Centre Sun Life 6.99% 6/1/2009 $4,298 $40 Spring Mill Medical LaSalle Bank 6.45% 9/1/2013 12,232 78 TOTAL UNCONSOLIDATED DEBT $16,530 $118 JOINT VENTURE PARTNERS' SHARE OF TOTAL (7,835) UNCONSOLIDATED DEBT KRG's SHARE OF TOTAL UNCONSOLIDATED DEBT $8,695

TOTAL KRG CONSOLIDATED DEBT $341,685

TOTAL KRG UNCONSOLIDATED DEBT 8,695

TOTAL KRG DEBT $350,380

1 Dollars in thousands. 2 The Company owns a 50% interest in Spring Mill Medical and a 60% interest in The Centre.

p. 15 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 J OINT V ENTURE S UMMARY

The Company owns the following two unconsolidated properties with joint venture partners:

Property Percentage Owned by the Company The Centre 60% Spring Mill Medical 50%

p. 16 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 C ONDENSED C OMBINED B ALANCE S HEETS OF U NCONSOLIDATED P ROPERTIES (THE CENTRE AND SPRING MILL MEDICAL)

Kite Realty Group Trust Kite Property Group March 31, 2005 December 31, 2004

Assets: Investment properties, at cost Land $ 2,552,075 $ 2,552,075 Buildings and improvements 14,493,800 14,493,799 17,045,875 17,045,874 Less: accumulated depreciation (2,452,391) (2,338,829) 14,593,484 14,07,045

Cash and cash equivalents 738,191 601,423 Tenant receivables, including accrued straight line rent 238,785 254,883 Other receivables - 5,661 Deferred costs, net 745,411 768,825 Prepaid and other assets 4,870 4,870

Total Assets $ 16,320,741 $ 16,342,707

Liabilities and Accumulated Equity (Deficit): Mortgage and other indebtedness $ 16,528,563 $ 16,609,675 Accounts payable and accrued expenses 579,958 458,289 Due to affiliate 2,427 - Total Liabilities 17,110,948 17,067,964

Accumulated equity (deficit) (790,207) (725,257)

Total Liabilities and Accumulated Equity (Deficit) $ 16,320,741 $ 16,342, 707

p. 17 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 C ONDENSED C OMBINED S TATEMENTS OF O PERATIONS OF U NCONSOLIDATED P ROPERTIES (THE CENTRE AND SPRING MILL MEDICAL)

Three Months Ended March 31 2005 2004

Total Revenue $830,219 $842,262

Expenses:

Property operating and other 233,972 200,778

Real estate taxes 55,674 122,058 Depreciation and amortization 131,814 128,522

Total expenses 421,460 451,358

Operating income 408,759 390,904

Interest expense 278,354 290,069

Net income $130,405 $100,835

p. 18 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 T OP 10 R ETAIL T ENANTS BY G ROSS L EASEABLE A REA (GLA) AS OF MARCH 31, 2005

This Table Includes The Following: • Operating Retail Properties • Operating Commercial Properties • Development Property Tenants open for business as of March 31, 2005

Number of Total Number Company Owned Number of Anchor Anchor Owned Tenant Locations GLA of Leases GLA Owned Locations GLA Lowe’s Home Center 5 678,997 1 128,997 4 550,000 Wal-Mart 2 328,161 1 103,161 1 225,000 L.S. Ayres 1 237,455 1 237,455 0 0 Dominick’s 2 131,613 2 131,613 0 0 Publix 3 129,357 3 129,357 0 0 Dick’s Sporting Goods 2 126,672 2 126,672 0 0 Marsh Supermarkets 2 122,000 3 122,000 0 0 Kmart 1 110,875 1 110,875 0 0 Burlington Coat Factory 1 107,400 1 107,400 0 0 Winn-Dixie1 2 103,406 2 103,406 0 0 Total 21 2,075,936 17 1,300,936 5 775,000

1 In February 2005, Winn-Dixie Stores, Inc. filed a petition for Chapter 11 bankruptcy to reorganize its business operations. Winn-Dixie has not advised us of its intentions with respect to their leases with us.

p. 19 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 T OP 20 T ENANTS BY A NNUALIZED B ASE R ENT AS OF MARCH 31, 2005

This Table Includes The Following: • Operating Retail Properties • Operating Commercial Properties • Development Property Tenants open for business as of March 31, 2005

% of Total % of Owned Annualized Portfolio Type of Number of Leased GLA/NRA of Annualized Base Base Rent per Annualized Tenant Property Locations GLA/NRA the Portfolio Rent Sq. Ft. Base Rent Mid America Laboratories Commercial 1 100,000 2.2% $1,721,000 $17.21 3.4% State of Indiana Commercial 3 210,393 4.7% 1,663,733 7.91 3.3% Eli Lilly Commercial 1 99,542 2.2% 1,642,443 16.50 3.2% Marsh Supermarkets Retail 2 122,000 2.7% 1,547,847 12.69 3.0% Dominick’s Retail 2 131,613 2.9% 1,411,728 10.73 2.8% Circuit City Retail 3 98,485 2.2% 1,388,318 14.10 2.7% Ultimate Electronics1 Retail 2 63,627 1.4% 1,242,732 19.53 2.4% Dick’s Sporting Goods Retail 2 126,672 2.8% 1,220,000 9.63 2.4% Walgreen's Retail 3 39,070 0.9% 1,031,023 26.39 2.0% Bed Bath & Beyond Retail 3 85,895 1.9% 1,021,921 11.90 2.0% Lowe's Home Center Retail 1 128,997 2.9% 1,014,000 7.86 2.0% Publix Retail 3 129,357 2.9% 989,361 7.65 1.9% Kmart Retail 1 110,875 2.5% 850,379 7.67 1.7% UMDA Commercial 1 32,256 0.7% 844,402 26.18 1.7% * Winn-Dixie1 Retail 2 103,406 2.3% 806,266 7.80 1.6% A & P Retail 1 58,732 1.3% 763,516 13.00 1.5% Kerasotes Theatres Retail 2 43,050 1.0% 739,500 17.18 1.5% City Securities Commercial 1 34,949 0.8% 694,900 19.88 1.4% Indiana University Healthcare Associates Commercial 1 31,175 0.7% 679,077 21.78 1.3% * Old Navy Retail 3 70,620 1.6% 587,958 8.33 1.2% 1,820,714 40.7% $21,860,105 $12.01 42.8%

* Property held in joint venture. Annualized base rent reflected at 100 percent.

1 In January 2005, Ultimate Electronics filed a petition for Chapter 11 bankruptcy to reorganize its business operations. In February 2005, Winn-Dixie Stores, Inc. filed a petition for Chapter 11 bankruptcy to reorganize its business operations. Winn-Dixie has not advised us of its intentions with respect to their leases with us; however, on March 24, 2005, Ultimate Electronics filed with the United States Bankruptcy Court its intent to close the two stores for which it has leases with us. This filing indicates that the store closings are scheduled to occur on or about June 30, 2005.

p. 20 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 L EASE E XPIRATIONS – O PERATING P ORTFOLIO

This Table Includes The Following: • Operating Retail Properties • Operating Commercial Properties • Development Property Tenants open for business as of March 31, 2005

Expiring Number of % of Total Expiring % of Total Annualized Expiring Expiring Expiring GLA/NRA Annualized Annualized Base Rent Ground Lease Leases1 GLA/NRA2 Expiring Base Rent3 Base Rent per Sq. Ft. Revenue

2005 49 129,117 3.1% $1,537,849 3.1% $11.91 $0

2006 64 187,532 4.4% 2,292,391 4.7% 12.22 0

2007 66 195,079 4.6% 2,575,330 5.3% 13.20 0

2008 38 297,850 7.0% 2,450,724 5.0% 8.23 0

2009 45 166,220 3.9% 2,398,535 4.9% 14.43 0

2010 38 362,377 8.6% 3,640,937 7.4% 10.05 0

2011 24 485,138 11.5% 4,081,514 8.3% 8.41 0

2012 27 239,955 5.7% 3,245,058 6.6% 13.52 85,000

2013 17 178,784 4.2% 2,515,887 5.1% 14.07 0

2014 20 276,205 6.5% 3,112,720 6.3% 11.27 427,900

Beyond 61 1,716,272 40.5% 21,225,706 43.3% 12.37 1,454,780

Total 449 4,234,529 100.0% $49,076,652 100.0% $11.59 $1,967,680

1 Lease expiration table does not include option periods and 2005 expirations include month to month tenants. Also, this column excludes ground leases. 2 Expiring GLA excludes square footage for non-owned ground lease structures. 3 Excludes ground lease revenue.

p. 21 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 L EASE E XPIRATION –R ETAIL A NCHOR T ENANTS 1

This Table Includes The Following: • Operating Retail Properties • Operating Commercial Properties • Development Property Tenants open for business as of March 31, 2005

Expiring Number of % of Total Expiring % of Total Annualized Expiring Expiring Expiring GLA/NRA Annualized Base Annualized Base Rent Ground Lease Leases2 GLA/NRA3 Expiring Rent4 Base Rent per Sq. Ft. Revenue

2005 2 22,351 0.5% $120,000 0.2% $5.37 $0

2006 3 60,034 1.4% 388,262 0.8% 6.47 0

2007 5 76,926 1.8% 609,076 1.2% 7.92 0

2008 2 210,561 5.0% 792,783 1.6% 3.77 0

2009 2 54,382 1.3% 496,818 1.0% 9.14 0

2010 11 284,666 6.7% 2,495,056 5.1% 8.76 0

2011 4 335,142 7.9% 1,365,610 2.8% 4.07 0

2012 4 120,399 2.8% 987,158 2.0% 8.20 0

2013 1 11,960 0.3% 161,460 0.3% 13.50 0

2014 5 91,602 2.2% 983,243 2.0% 10.73 0

Beyond 35 1,447,327 34.2% 15,837,692 32.3% 10.94 240,000

Total 74 2,715,350 64.1% $24,237,158 49.4% $8.93 $240,000

1 Retail anchor tenants are defined as tenants which occupy 10,000 square feet or more. 2 Lease expiration table does not include option periods; 2005 expirations include month-to-month tenants. Also, this column excludes ground leases. 3 Expiring GLA excludes square footage for non-owned ground lease structures. 4 Excludes ground lease revenue.

p. 22 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 L EASE E XPIRATION – R ETAIL S HOPS

This Table Includes The Following: • Operating Retail Properties • Operating Commercial Properties • Development Property Tenants open for business as of March 31, 2005

Expiring Number of % of Total Expiring % of Total Annualized Expiring Expiring Expiring GLA/NRA Annualized Annualized Base Rent Ground Lease Leases1 GLA/NRA2 Expiring Base Rent3 Base Rent per Sq. Ft. Revenue

2005 47 106,766 2.5% $1,417,849 2.9% $13.28 $0

2006 59 120,395 2.8% 1,790,481 3.7% 14.87 0

2007 59 114,198 2.7% 1,890,761 3.9% 16.56 0

2008 35 79,324 1.9% 1,498,004 3.1% 18.88 0

2009 43 111,838 2.6% 1,901,717 3.9% 17.00 0

2010 26 68,833 1.6% 966,101 2.0% 14.04 0

2011 17 50,454 1.2% 1,073,461 2.2% 21.28 0

2012 21 82,504 2.0% 1,667,193 3.4% 20.21 85,000

2013 12 38,470 0.9% 768,908 1.6% 19.99 0

2014 13 34,654 0.8% 741,127 1.5% 21.39 427,900

Beyond 19 64,543 1.5% 1,442,506 2.9% 22.35 1,214,780

Total 351 871,979 20.6% $15,158,108 30.9% $17.38 $1,727,680

1 Lease expiration table does not include option periods; 2005 expirations include month-to-month tenants. Also, this column excludes ground leases. 2 Expiring GLA excludes square footage for non-owned ground lease structures. 3 Excludes ground lease revenue.

p. 23 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 L EASE E XPIRATION – C OMMERCIAL T ENANTS

This Table Includes The Following: • Operating Retail Properties • Operating Commercial Properties • Development Property Tenants open for business as of March 31, 2005

Expiring Number of % of Total Expiring % of Total Annualized Expiring Expiring GLA/NRA Annualized Annualized Base Rent Leases1 GLA/NRA Expiring Base Rent Base Rent per Sq. Ft.

2005 0 0 0.0% $0 0.0% $0.00

2006 2 7,103 0.2% 113,648 0.2% 16.00

2007 2 3,955 0.1% 75,493 0.2% 19.09

2008 1 7,965 0.2% 159,938 0.3% 20.08

2009 0 0 0.0% 0 0.0% 0.00

2010 1 8,878 0.2% 179,780 0.4% 20.25

2011 3 99,542 2.4% 1,642,443 3.4% 16.50

2012 2 37,052 0.9% 590,708 1.2% 15.94

2013 4 128,354 3.0% 1,585,519 3.2% 12.35

2014 2 149,949 3.5% 1,388,350 2.8% 9.26

Beyond 7 204,402 4.8% 3,945,508 8.0% 19.30

Total 24 647,200 15.3% $9,681,386 19.7% $14.96

1 Lease expiration table does not include option periods; 2005 expirations include month-to-month tenants. Also, this column excludes ground leases.

p. 24 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 S UMMARY R ETAIL P ORTFOLIO S TATISTICS (INCLUDES JOINT VENTURE PROPERTIES)

Retail Portfolio 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04

Company Owned GLA1 – Operating Retail 3,611,708 3,391,900 3,078,616 1,845,631 1,624,338 Total GLA1 – Operating Retail 4,806,438 4,566,374 4,108,090 2,853,129 2,531,457 Projected Total GLA Under Development 1,736,402 1,252,331 1,382,202 1,411,265 1,411,265 Projected Company owned GLA Under Development2 854,300 560,300 545,500 574,560 574,560

Number of Operating Retail Properties 33 30 27 17 14 Number of Retail Properties Under Development 10 9 10 12 12

Percentage Leased – Operating Retail 93.8% 95.3% 94.9% 92.8% 93.9%

Annualized Base Rent & Ground Lease Revenue - Retail Properties $38,076,654 $35,187,179 $31,814,134 $24,939,090 $21,508,397

1 “Company Owned GLA” represents gross leasable area that is owned by the Company. “Total GLA” includes Company Owned GLA, plus square footage attributable to non-owned outlot structures on land that is owned by the Company and ground leased to tenants, plus non-owned anchor space. 2 “Projected Company Owned GLA Under Development” represents gross leaseable area under development that is projected to be owned by the Company. “Projected Total GLA” includes Projected Company Owned GLA, plus projected square footage attributable to non-owned outlot structures on land that is owned by the Company and ground leased to tenants, plus non-owned anchor space that is existing or under construction.

p. 25 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 S UMMARY C OMMERCIAL P ORTFOLIO S TATISTICS (INCLUDES JOINT VENTURE PROPERTIES)

Commercial Portfolio 3/31/05 12/31/04 9/30/04 6/30/04 3/31/04

Company Owned Net Rentable Area (NRA)1 662,652 662,652 547,652 547,652 545,673 NRA under Development - - 115,000 115,000 115,000

Number of Operating Commercial Properties 6 6 5 5 5 Number of Commercial Properties under Development - - 1 1 1

Percentage Leased – Operating Commercial Properties 97.7% 97.7% 96.9% 98.8% 98.8% Percentage Leased – Commercial Properties under - - 100% 100% 100% Development

Annualized Base Rent – Commercial Properties2 $9,681,386 $9,681,386 $8,998,898 $9,149,558 $9,149,558

1 “Company Owned NRA” does not include square footage of Union Station Parking Garage, a detached parking garage supporting the Thirty South property that includes 851 parking spaces. It is operated by Denison Parking, a third party, pursuant to a lease of the entire property. 2 “Annualized Base Rent” does not include approximately $500,000 in annualized income attributable to the Union Station Parking Garage.

p. 26 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 D EVELOPMENT P IPELINE AS OF MARCH 31, 2005

Total Cost Percentage Projected Projected Estimated Incurred as of Owned Type of Opening Owned Total Project of March 31, GLA/NRA Major Tenants and Non-owned MSA Property Date1 GLA/NRA2 GLA/NRA3 Cost4 20054 Pre-Leased5 Anchors Florida Eagle Creek, Phase II6 Naples Retail Jan. 05 n/a 165,000 $9,080 $8,775 n/a Tarpon Springs Plaza Naples Retail Sept. 06 95,000 286,800 21,500 7,228 0.0% Target (non-owned) Estero Town Commons7 Naples Retail Aug. 06 150,000 173,000 20,000 10,472 0.0% Indiana Dick’s Sporting Goods, Marsh Supermarkets, Bed Bath & Beyond, Traders Point Indianapolis Retail Oct. 04 285,000 366,377 45,227 42,020 77.5% Kerasotes Theatres, Michaels, Old Navy Traders Point II Indianapolis Retail Apr. 05 41,000 48,600 8,288 5,685 9.8% (See Trader’s Point) Greyhound Commons6 Indianapolis Retail Feb. 05 n/a 201,325 4,397 3,295 n/a Lowe’s (non-owned) Wal-Mart (non-owned); Home Depot Feb. 05 Red Bank Commons Evansville Retail 34,500 246,500 6,400 5,255 39.4% (non-owned) Martinsville Shops Martinsville Retail Mar. 05 11,000 11,000 1,197 808 43.6% Geist Pavilion Indianapolis Retail Mar. 05 62,800 62,800 7,747 4,036 26.3% Marsh Village Market Illinois Naperville Marketplace Chicago Retail - Build to Suit for Sale Sept. 05 70,000 70,000 14,800 4,010 100% Marsh Supermarket - Multi-Tenant Development Mar. 06 105,000 105,000 14,850 5,352 0.0% Total 854,300 1,736,402 153,486 96,936 38.6%

1 Opening Date is defined as the first date a tenant is open for business or a ground lease or similar payment is made. 2 Projected Owned GLA/NRA represents gross leasable area/net rentable area that is owned by the Company. It excludes square footage attributable to non-owned outlot structures on land that is owned by the Company and ground leased to tenants. 3 Projected Total GLA/NRA includes Projected Owned GLA, plus projected square footage attributable to non-owned outlot structures on land that is owned by the Company, plus non-owned anchor space that is currently existing or under construction. 4 Dollars in thousands. 5 Excludes outlots and parcels owned by the Company and ground leased to tenants. Traders Point has seven such parcels, four of which were pre-leased as of March 31, 2005. 6 All of the land at Eagle Creek Phase II and Greyhound Commons is intended to be ground leased to tenants. We have entered into an agreement to enter into a ground lease for the entire Eagle Creek, Phase II property with a big box retailer. The tenant is obligated to pay and is paying a portion of its rent until the ground lease is executed. Greyhound Commons consists of four outlots, two of which were ground leased as of March 31, 2005. 7 Opening Date and Total Estimated Cost based on preliminary siteplan as of March 31, 2005.

p. 27 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 G EOGRAPHIC D IVERSIFICATION – O PERATING P ORTFOLIO AS OF MARCH 31, 2005

Number of Percent of Total Percent of Annualized Owned Annualized Operating Owned Number of Annualized Base Rent per GLA/NRA1 Base Rent2 Properties GLA/NRA Leases Base Rent Leased SF

Indiana 17 1,926,252 45.1% 188 $19,799,126 42.6% $11.41

• Retail – Mall 1 579,189 13.6% 42 2,372,867 5.1% 5.22

• Retail 10 684,411 16.0% 122 7,744,873 16.7% 12.27

• Commercial 6 662,652 15.5% 24 9,681,386 20.9% 14.96

Texas 6 830,910 19.4% 59 9,315,464 20.1% 11.31

Florida 6 684,022 16.0% 89 6,868,962 14.8% 10.21

Illinois 2 231,820 5.4% 35 2,922,636 6.3% 13.87

New Jersey 1 114,928 2.7% 16 1,734,864 3.7% 15.99

Georgia 2 142,707 3.3% 28 1,601,981 3.5% 11.32

Washington 3 102,146 2.4% 25 1,709,405 3.7% 17.09

Ohio 1 231,730 5.4% 6 2,209,767 4.8% 9.54

Oregon 1 9,845 0.2% 7 273,156 0.6% 27.75

Total 39 4,274,360 100.0% 453 $46,435,360 100.0% $11.51

1 Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company. It does not include 15 parcels or outlots owned by the Company and ground leased to tenants, which contain non-owned structures totaling approximately 74,703 square feet. It also excludes the square footage of Union Station parking Garage. 2 Annualized Base Rent Revenue excludes $1,322,680 in annualized ground lease revenue attributable to parcels and outlots owned by the Company and ground leased to tenants. It also excludes approximately $500,000 in 2005 annualized minimum rent attributable to Union Station Parking Garage as well as the leases on properties classified as development properties.

p. 28 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 O PERATING R ETAIL P ROPERTIES – T ABLE I AS OF MARCH 31, 2005

Acquired, Year Year Added Redeveloped, or Total Owned Percentage of Owned GLA Property1 2 State MSA Built/Renovated to Operating Portfolio Developed GLA3 GLA3 Leased4

International Speedway Square5 FL Daytona 1999 1999 Developed 233,901 220,901 100.0% King's Lake Square FL Naples 1986 2003 Acquired 85,497 85,497 97.5% Wal-Mart Plaza6 FL Gainesville 1970 2004 Acquired 177,826 177,826 100.0% Waterford Lakes FL Orlando 1997 2004 Acquired 77,948 77,948 100.0% Shops at Eagle Creek FL Naples 1998 2003 Acquired 75,944 75,944 93.6% Circuit City Plaza FL Ft. Lauderdale 2004 2004 Developed 435,906 45,906 91.5% Centre at Panola GA Atlanta 2001 2004 Acquired 73,079 73,079 100.0% Publix at Acworth GA Atlanta 1996 2004 Acquired 69,628 69,628 98.3% Silver Glen Crossing IL Chicago 2002 2004 Acquired 138,274 132,725 88.4% Fox Lake Crossing IL Chicago 2002 2005 Acquired 99,095 99,095 94.2% Glendale Mall5 IN Indianapolis 1958/2000 1999 Redeveloped 724,026 579,189 78.5% Cool Creek Commons IN Indianapolis 2005 2005 Developed 133,182 120,653 86.3% Boulevard Crossing IN Kokomo 2004 2004 Developed 214,696 112,696 90.3% Hamilton Crossing IN Indianapolis 1999 2004 Acquired 87,374 82,374 92.7% Fishers Station7 IN Indianapolis 1989 2004 Acquired 114,457 114,457 84.4% Whitehall Pike IN Bloomington 1999 1999 Developed 128,997 128,997 100.0% The Centre8 IN Indianapolis 1986 1986 Developed 80,689 80,689 100.0% The Corner IN Indianapolis 1984/2003 1984 Developed 42,545 42,545 100.0% Stoney Creek Commons IN Indianapolis 2000 2000 Developed 149,809 * * Weston Park Phase I IN Indianapolis 2005 2005 Developed 12,200 * * 50 South Morton IN Indianapolis 1999 1999 Developed 2,000 2,000 100.0% Ridge Plaza NJ Oak Ridge 2002 2003 Acquired 114,928 114,928 94.4% Eastgate Pavilion OH Cincinnati 1995 2004 Acquired 231,730 231,730 100.0% 82nd & Otty9 OR Portland 2004 2004 Developed 154,845 9,845 100.0% Plaza at Cedar Hill TX Dallas 2000 2004 Acquired 299,783 299,783 100.0% Sunland Towne Centre TX El Paso 1996 2004 Acquired 312,571 307,595 98.9% Galleria Plaza10 TX Dallas 2002 2004 Acquired 44,306 44,306 100.0% Cedar Hill Village TX Dallas 2002 2004 Acquired 139,092 44,262 100.0% Preston Commons TX Dallas 2002 2002 Developed 142,564 27,564 85.6% Burlington Coat11 TX San Antonio 1992/2000 2000 Redeveloped 107,400 107,400 100.0% 50th & 12th WA Seattle 2004 2004 Developed 14,500 14,500 100.0% 176th & Meridian WA Seattle 2004 2004 Developed 14,560 14,560 100.0% Four Corner Square WA Seattle 1985 2004 Acquired 73,086 73,086 97.1% Total 4,806,438 3,611,708 93.8% Note: An (*) indicates that this property consists of parcels which are ground leased to tenants.

1 All properties are wholly-owned, except as indicated. 2 Unless otherwise noted, each property is owned in fee by the Company. 3 Owned GLA represents gross leasable area at the property that is owned by us. Total GLA includes Owned GLA, plus square footage attributable to non-owned anchor space. 4 Percentage of Owned GLA Leased (includes square footage of non-owned structures on outlots that we ground lease to tenants). 5 A third party manages this property. 6 We acquired a 99.9% interest in this property through a joint venture with a third party that manages the property. At the current time, we receive 85% of the cash flow from the property, which percentage may decrease under certain circumstances. 7 This property is divided into two parcels: a grocery store and small shops. We acquired a 25% interest in the small shops on July 23, 2004 in a joint venture and a 100% interest in the grocery store on November 24, 2004. The joint venture partner is entitled to an annual preferred payment of $96,000. All remaining cash flow is distributed to the Company. 8 We own a 60% interest in this property through a joint venture with the third party that manages the property. 9 We do not own the land at this property. We have leased the land pursuant to two ground leases that expire in 2017. We have six five-year options to renew this lease. 10 We do not own the land at this property. We lease the land pursuant to a ground lease that expires in 2027. We have five five-year renewal options. 11 We do not own the land at this property. We have leased the land pursuant to a ground lease that expires in 2012. We have six five-year renewal options and a right of first refusal to purchase the land.

p. 29 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 O PERATING R ETAIL P ROPERTIES – T ABLE II AS OF MARCH 31, 2005

AnnualizedBase Rent Annualized Ground Annualized Total Retail Percentage of Annualized Base Rent Property State MSA Revenue Lease Revenue Revenue6 Total Retail Revenue Per Leased Owned GLA1 Major Tenants and Non-Owned Anchors2

RETAIL OPERATING PROPERTIES SteinMart, Bed Bath, Circuit City International Speedway Square FL Daytona $2,454,826 $232,900 $2,687,726 7.1% $11.11 Publix, Walgreens King's Lake Square3 FL Naples 1,024,016 0 1,024,016 2.7% 12.29 Wal-Mart, Books A Million, Save A Lot Wal-Mart Plaza FL Gainesville 904,319 0 904,319 2.4% 5.09 Winn-Dixie4 Waterford Lakes3 FL Orlando 894,851 0 894,851 2.4% 11.48 Winn-Dixie4 Shops at Eagle Creek3 FL Naples 773,746 0 773,746 2.0% 10.89 Circuit City, Wal-Mart (non-owned) Circuit City Plaza FL Ft. Lauderdale 817,204 0 817,204 2.2% 19.46 Publix Centre at Panola GA Atlanta 824,940 0 824,940 2.2% 11.29 Publix, CVS Publix at Acworth3 GA Atlanta 777,041 0 777,041 2.0% 11.36 Dominick’s, MC Sports Silver Glen Crossing3 IL Chicago 1,628,824 85,000 1,713,824 4.5% 13.89 Dominick’s Fox Lake Crossing IL Chicago 1,293,812 0 1,293,812 3.4% 13.85 L.S. Ayres, Kerasotes Theatre, Lowe’s (non-owned) Glendale Mall3 IN Indianapolis 2,372,867 140,000 2,512,867 6.6% 5.22 Fresh Market, Stein Mart Cool Creek Commons IN Indianapolis 1,518,139 155,500 1,673,639 4.4% 14.58 TJ Maxx, Petco, Shoe Carnival, Kohl’s (non-owned) Boulevard Crossing IN Kokomo 1,274,005 75,000 1,349,005 3.5% 12.52 Office Depot Hamilton Crossing3 IN Indianapolis 1,192,179 71,500 1,263,679 3.3% 15.61 Marsh Supermarket Fishers Station5 IN Indianapolis 1,125,219 0 1,125,219 3.0% 11.65 Lowe’s Whitehall Pike IN Bloomington 1,014,000 0 1,014,000 2.7% 7.86 Osco The Centre IN Indianapolis 1,008,353 0 1,008,353 2.7% 12.50 Hancock Fabrics The Corner Shops IN Indianapolis 480,978 0 480,978 1.3% 11.31 Lowe’s (non-owned) Stoney Creek Commons3 IN Indianapolis * 155,000 155,000 0.4% * Weston Park Phase I IN Indianapolis * 190,000 190,000 0.5% * 50 South Morton IN Indianapolis 132,000 0 132,000 0.4% 66.00 A&P, CVS Ridge Plaza NJ Oak Ridge 1,734,864 0 1,734,864 4.6% 15.99 Dick’s Sporting Goods, Value City Furniture, Best Buy Eastgate Pavilion3 OH Cincinnati 2,209,767 0 2,209,767 5.8% 9.54 82nd & Otty OR Portland 273,156 122,500 395,656 1.0% 27.75 Hobby Lobby, Linens ‘N Things, Marshall’s Plaza at Cedar Hill TX Dallas 3,496,760 0 3,496,760 9.2% 11.66 Kmart, Circuit City, Roomstore Sunland Towne Centre TX El Paso 2,945,494 95,280 3,040,774 8.0% 9.68 Ultimate Electronics4 Galleria Plaza3 TX Dallas 1,193,750 0 1,193,750 3.1% 26.94 Ultimate Electronics4, JC Penney (non-owned) Cedar Hill Village3 TX Dallas 643,508 0 643,508 1.7% 14.54 Lowe’s (non-owned) Preston Commons TX Dallas 552,652 0 552,652 1.5% 23.42 Burlington Coat Factory Burlington Coat3 TX San Antonio 483,300 0 483,300 1.3% 4.50 Walgreens 50th & 12th WA Seattle 475,000 0 475,000 1.3% 32.76 Walgreens 176th & Meridian WA Seattle 433,000 0 433,000 1.1% 29.74 Johnson Hardware Store Four Corner Square WA Seattle 801,405 0 801,405 2.1% 11.29 Total $36,753,974 $1,322,680 $38,076,654 100.0% $10.85

Note: An (*) indicates that this property consists of parcels which are ground leased to tenants.

1 Owned GLA represents gross leasable area at the property that is owned by us. 2 Represents the three largest tenants that occupy at least 10,000 square feet of GLA at the property, including non-owned anchors. 3 This property is encumbered under the Company’s line of credit. 4 In January 2005, Ultimate Electronics filed a petition for Chapter 1 bankruptcy to reorganize its business operations. In February 2005, Winn-Dixie Stores, Inc. filed a petition for Chapter 11 bankruptcy to reorganize its business operations. Winn-Dixie has not advised us of its intentions with respect to their leases with us; however, on March 24, 2005, Ultimate Electronics filed with the United States Bankruptcy court its intent to close the two stores for which it has leases with us. This filing indicates that the store closings are scheduled to occur on or about June 30, 2005. 5 This property is divided into two parcels: a grocery store and small shops. We acquired a 25% interest in the small shops on July 23, 2004 and a 100% interest in the grocery store on November 24, 2004. 6 This table does not include annualized base rent from development property tenants open for business as of March 31, 2005.

p. 30 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 O PERATING C OMMERCIAL P ROPERTIES AS OF MARCH 31, 2005

Percentage of Acquired, Percentage of Annualized Year Built/ Redeveloped, Owned NRA Annualized Commercial Base Rent Per Property MSA Renovated or Developed Owned NRA Leased Base Rent Base Rent Leased Sq. Ft. Major Tenants Indiana Thirty South Indianapolis 1905/2002 Redeveloped 298,346 94.8% $4,930,221 50.9% $17.43 Eli Lilly, City Securities, Kite Realty Group Mid America Clinical Labs Indianapolis 1995/2002 Redeveloped 100,000 100.0% 1,721,000 17.8% 17.21 Mid-America Clinical Laboratories PEN Products Indianapolis 2003 Developed 85,875 100.0% 813,236 8.4% 9.47 Indiana Department of Administration Spring Mill Medical Indianapolis 1998/2002 Redeveloped 63,431 100.0% 1,523,479 15.7% 24.02 University Medical Diagnostic Associates; Indiana University Healthcare Associates Union Station Parking Garage1 Indianapolis 1986 Acquired N/A N/A N/A Denison Parking Indiana State Motor Pool Indianapolis 2004 Developed 115,000 100.0% 693,450 7.2% 6.03 Indiana Dept. of Administration Total 662,652 97.7% $9,681,386 100.0% $14.96

1 2005 annualized rent for Union Station Parking Garage is approximately $500,000.

p. 31 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 R ETAIL O PERATING P ORTFOLIO – T ENANT B REAKDOWN AS OF MARCH 31, 2005

Annualized Base Rent per Occupied Owned Gross Leasable Area Occupancy Annualized Base Rent1 Square Foot Ground Property State Anchors Shops Total Anchors Shops Total Anchors Shops Leases Total Anchors Shops Total International Speedway Square FL 200,401 20,500 220,901 100.0% 100.0% 100.0% $2,074,376 $380,450 $232,900 $2,687,726 $10.35 $18.56 $11.11 King's Lake Square FL 49,805 35,692 85,497 100.0% 94.0% 97.5% 361,793 662,223 - 1,024,016 7.26 19.75 12.29 Wal-Mart Plaza FL 138,323 39,503 177,826 100.0% 100.0% 100.0% 531,795 372,524 - 904,319 3.84 9.43 5.09 Waterford Lakes FL 51,703 26,245 77,948 100.0% 100.0% 100.0% 408,452 486,399 - 894,851 7.90 18.53 11.48 Shops at Eagle Creek FL 51,703 24,241 75,944 100.0% 79.8% 93.6% 397,814 375,932 - 773,746 7.69 19.43 10.89 Circuit City Plaza FL 33,014 12,892 45,906 100.0% 69.6% 91.5% 594,252 222,952 - 817,204 18.00 24.84 19.46 Centre at Panola GA 51,674 21,405 73,079 100.0% 100.0% 100.0% 413,388 411,552 - 824,940 8.00 19.23 11.29 Publix at Acworth GA 37,888 31,740 69,628 100.0% 96.2% 98.3% 337,203 439,838 - 777,041 8.90 14.40 11.36 Silver Glen Crossing IL 78,675 54,050 132,725 100.0% 71.4% 88.4% 812,916 815,907 85,000 1,713,824 10.33 21.13 13.89 Fox Lake Crossing IL 65,977 33,118 99,095 100.0% 82.8% 94.3% 742,241 551,571 - 1,293,812 11.25 20.12 13.85 Glendale Mall IN 437,702 141,487 579,189 85.8% 56.0% 78.5% 1,321,255 1,051,612 140,000 2,512,867 3.52 13.28 5.22 Cool Creek Commons IN 53,600 67,053 120,653 100.0% 75.3% 86.3% 419,600 1,098,539 155,500 1,673,639 7.83 21.75 14.58 Boulevard Crossing IN 74,440 38,256 112,696 100.0% 71.4% 90.3% 827,460 446,545 75,000 1,349,005 11.12 16.34 12.52 Hamilton Crossing IN 30,722 51,652 82,374 100.0% 88.4% 92.7% 345,623 846,556 71,500 1,263,679 11.25 18.55 15.61 Fishers Station IN 57,000 57,457 114,457 100.0% 68.9% 84.4% 557,000 568,219 - 1,125,219 9.77 14.36 11.65 Whitehall Pike IN 128,997 - 128,997 100.0% - 100.0% 1,014,000 - - 1,014,000 7.86 - 7.86 The Centre IN 18,720 61,969 80,689 100.0% 100.0% 100.0% 170,352 838,001 - 1,008,353 9.10 13.52 12.50 The Corner IN 12,200 30,345 42,545 100.0% 100.0% 100.0% 65,636 415,342 - 480,978 5.38 13.69 11.31 Stoney Creek Commons IN ------155,000 155,000 - - - Weston Park Phase I IN ------190,000 190,000 - - - 50 South Morton IN - 2,000 2,000 - 100.0% 100.0% - 132,000 - 132,000 - 66.00 66.00 Ridge Plaza NJ 69,612 45,316 114,928 100.0% 85.9% 94.4% 986,556 748,308 - 1,734,864 14.17 19.24 15.99 Eastgate Pavilion OH 231,730 - 231,730 100.0% - 100.0% 2,209,767 - - 2,209,767 9.54 - 9.54 82nd & Otty OR - 9,845 9,845 - 100.0% 100.0% - 273,156 122,500 395,656 - 27.75 27.75 Plaza at Cedar Hill TX 227,106 72,677 299,783 100.0% 100.0% 100.0% 2,157,576 1,339,184 - 3,496,760 9.50 18.43 11.66 Sunland Towne Centre TX 277,220 30,375 307,595 100.0% 89.2% 98.9% 2,493,802 451,692 95,280 3,040,774 9.00 16.66 9.68 Galleria Plaza TX 31,396 12,910 44,306 100.0% 100.0% 100.0% 839,844 353,906 - 1,193,750 26.75 27.41 26.94 Cedar Hill Village TX 32,231 12,031 44,262 100.0% 100.0% 100.0% 402,888 240,620 - 643,508 12.50 20.00 14.54 Preston Commons TX - 27,564 27,564 - 85.6% 85.6% - 552,652 - 552,652 - 23.42 23.42 Burlington Coat TX 107,400 - 107,400 100.0% - 100.0% 483,300 - - 483,300 4.50 - 4.50 50th & 12th WA 14,500 - 14,500 100.0% - 100.0% 475,000 - - 475,000 32.76 - 32.76 176th & Meridian WA 14,560 - 14,560 100.0% - 100.0% 433,000 - - 433,000 29.74 - 29.74 Four Corner Square WA 20,512 52,574 73,086 100.0% 96.0% 97.1% 126,672 674,733 - 801,405 6.18 13.37 11.29 Total 2,598,811 1,012,897 3,611,708 97.6% 83.9% 93.8% $22,003,561 $14,750,413 $1,322,680 $38,076,654 $8.67 $17.35 $10.85

1 This table does not include annualized base rent from development property tenants open for business as of March 31, 2005.

p. 32 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05 2005 A CQUISITIONS OF O PERATING P ROPERTIES

Name of Operating Date Purchase Assumed Major Tenants Property MSA Acquired Price Debt Total GLA Owned GLA and Non-Owned Anchors

Fox Lake Crossing Chicago, Illinois 02/07/05 15,300,0001 12,300,000 99,095 99,095 Dominick’s

1 Excludes tax-increment financing (TIF) receivable of $1.5 million.

p. 33 Kite Realty Group Supplemental Financial and Operating Statistics – 3/31/05